30-Year Fixed Rate Mortgages

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Enjoy the simplicity of an unchanging rate of interest on a 30-year loan term!

30-Year FRM

A 30-year fixed rate mortgage is a home loan that has a consistent rate over a 30-year term. This type of mortgage is perhaps the most common one for new and seasoned homeowners alike. The reason? Because the loan lasts for 30 years, your monthly payments tend to be lower than they would be with a shorter mortgage, like a 15-year FRM. And because you get to lock in your interest rate, you know exactly what to expect with your bills each month.

Though this is an immensely popular loan product, it may not be right for everyone. Read on to learn more about the 30-year fixed rate mortgage.

Is a 30-Year Fixed Rate Mortgage (FRM) Right for Me?

There are no hard and fast rules to determining if a 30-year FRM is right for you. However, most people who opt for this home loan meet some or all of the following criteria:

You like to budget carefully.

You like the idea of having a reliable, consistent, monthly home loan payment over a long period of time.

You plan to stay in your home for at least a few years.

You can afford a large down payment

You have a reliable source of income

While these are very popular mortgages, one of the downsides to a 30-year FRM is that your first decade of payments does not contribute very much to your home equity. Unless you’re able to make a substantial down payment on your home, with this type of mortgage you’ll be (in effect) renting your home from the bank. To avoid this situation, you may be better off opting for a 15-year FRM or saving up to make a larger down payment before buying a home.

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The Interest Rate on a 30-Year FRM

So, what’s the interest rate on a 30-year fixed rate mortgage? The interest rate fluctuates with the LIBOR index. As of 2018, the interest rate for a 30-year FRM falls somewhere between four and five percent.

When you obtain your 30-year fixed rate mortgage, your rate will remain the same for the duration of your loan. If you were to close on a house today, for example, you would lock in an interest rate of 4.64%. While this rate will most likely go up over the following months, you will pay a steady amount that’s figured in to your mortgage.

If you'd like to learn more about the 30-year fixed rate mortgage or want a free quote, fill out the form below for a risk-free consultation.

If you’re looking to buy your first home, there are several options you can explore. You could write a huge check and buy the house outright, but if you’re like most people, you’ll probably need a mortgage. When it comes to borrowing money to buy a home, loans come in a variety of sizes and with a plethora of terms.

When it comes to buying a home in 2018, the average American has more home loan options than ever before. Unfortunately, more choice isn’t always better. With many options come many questions, especially if you’re a first time home buyer and not a veteran of the mortgage game. Thats where our ultimate guide to mortgages comes in! Our 5 part series will delve into the nitty gritties of the many types of mortgages on the market.

One of the types of mortgages that’s a lot less talked about is the 40-year mortgage -- and no, it isn’t a fairy tale or myth. 40-year mortgages do exist, but that doesn’t mean that they’re a good choice for everyone.

A 15-year mortgage isn't right for everybody, but it may be perfect for you. Let's talk about what the 15-year mortgage is, then we'll get into the gritty details to help you figure out if this product would work well in your situation.

What’s it mean to have a 30-year mortgage? Simply put, your loan rate, plus the principal and interest payments, are secured for 30 full years. Because your loan amortizes, it will be paid in full on that last payment in year 30. You’ll never have to pay another cent to the mortgage company after that. Your insurance, homeowners’ association fees, and taxes may continue to slowly climb, but those are the only expenses you’ll have to worry about if you never refinance or take out a second mortgage.

If you’ve been house hunting before, or even paying attention to some of the commercials for mortgage products, you’ve no doubt seen tons of references to the 30 year mortgage. This is the gold standard and default mortgage for most of the industry, but it’s not the only loan out there. In fact, it’s not even the longest term mortgage available.

There’s another loan that no one really talks about these days: the 40 year mortgage.

The 30-year mortgage, the steak and potatoes of the home lending world, is the most common type of mortgage you’ll run into as a home buyer. It’s so common that the Consumer Expenditure Survey provided by the Bureau of Labor Statistics determined that between 2004 and 2014, 61.49 percent of all mortgages were 30 year fixed rate mortgages. The second most common type, 15 year fixed rates, only made up 14.64 percent of the market.

There are many different mortgage options for homebuyers to choose from. For starters, mortgages are usually categorized as either a fixed rate or adjustable rate. Then there are various loan programs to choose from including FHA Loans, VA Loans, USDA Loans, or Conventional Loans

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